Auto Insurance in Boston

You and Your Auto Insurance: Driving in Boston

Thriving Boston, Massachusetts is reknowned for its cultural facilities, world-class institutions of higher education, successful sports teams and its place in the beginning of American history as one of America’s oldest cities. Boston incorporated in 1630 as a town; in 1822 it became a city.

Like Boston’s claim as the cradle of American history, insurance is one of the oldest industries in America, too.  What do you do to insure your automobile keepsake, your vintage vehicle? How do you keep its history living?

Say your keepsake automobile is a fully restored classic car that you only drive on occasional weekends. To some auto insurers, your vintage vehicle may be viewed as an aging used car not worth fixing and certainly not worth repairing, if totaled.

Coverage is something you cannot do without, but most traditional auto insurance policies do not value the worth of your cherished keepsake like you do.  Every car-lover faces this dilemma at some point.

Consider the following when shopping for Massachusettes auto insurance coverage for your vintage automobile:

  • Required liability coverage mandated by your state

If you have money to keep a keepsake car, a classic or collectible vehicle, you are most likely putting your car at risk, but also your financial assets choosing a minimum policy. Your car, if damaged, will cost you considerable out of pocket expenses.

  • A regular use policy

Collision and Comprehensive claims still value your car by its depreciated cash value at the value it had the day before your accident. It’s a classic car, right? Yes, and your auto insurance needs to be specifically geared to reflect that. You may have put as much as thousands of dollars or more into it, and your insurance company then does not factor that in due to its age.

  • A stated-value policy

As your vehicle’s owner, you decide your automobile’s value. Generally, this type of policy has a provision or provisions that allow an insurer to pay out your car’s actual cash value rather than using a Blue Book value. Covering your car with a stated value policy, you purchase only the coverage you can afford, which may not cover your car’s true worth. Say for example, your car is an extremely rare, high-dollar, collector sports car worth $2 million, and you are only able to afford $1 million of coverage. Be careful, though. Read all the provisions with extreme care on a stated-value policy and pay close attention to the fine print.

  • An agreed-value policy

You and your insurance carrier determine prior to writing the policy an agreed-upon value.  Then, in the event that your vehicle is totalled, you will be compensated for the value that you have agreed upon.

  • Temporary insurance

Some insurance carriers will allow coverage on an as-needed basis for cars that are infrequently driven as a rule. With Temporary coverage, you will only pay for the days that you drive the vehicle.  You simply alert your carrier in advance as to the days you will be driving your keepsake vehicle.

  • Special insurance for special cars

Check with your carrier, and a variety of carriers, especially one that specializes in insuring special cars.  A specialized policy can be affordable if you limit the number of miles you drive your keepsake automobile. Some policies allow you to register your vehicle as a “show car,” and driven only to and from vintage car shows.

The most crucial item to consider with insuring your keepsake vehicle is how your carrier handles your claim if it is totaled, especially in regard to the pay-out amount.

Enjoy driving your vintage vehicle in Boston, home of the world-famous Boston baked beans!



Insurance Information Institute (III)